Market Trends and Growth: November 2021

Monday 29 November 2021

Epoxy Adhesives Market: Industry Demand, Analysis and Future Trends 2028

The global Epoxy Adhesives Market size is expected to reach USD 10.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2021 to 2028. Increasing investments in electric vehicles (EVs) and solar and wind energy industries are the prominent factors attributed to the market growth during the projected period.

The industry is projected to experience significant growth owing to the growing emphasis on the incorporation of lightweight materials in the automotive and transportation industry. The usage of adhesives offers a reduction in the weight of the final product, which has become a crucial factor in the aerospace and automotive industries in recent years. Moreover, epoxy adhesives are used in various other industries as well, such as medical, sports tools, defense, and power and energy.

A growing focus on sustainable solutions and increasing usage of mass timber in the construction industry is expected to bolster the consumption of adhesives, which is further anticipated to offer lucrative growth opportunities for the market. Furthermore, a surge in DIY home improvement activities has been witnessed during the COVID period, as people were spending more time at home. Thus, wide-scope applications in various industries make the market more lucrative.

The COVID-19 pandemic has impacted various commercial and industrial sectors, which led to a halt in new investments resulting in a downfall in global revenue. Moreover, with the continuing second and third waves of the virus, restrictions were seen in Q1 2021 as well. During the pandemic, the prices of raw materials have increased owing to a rise in logistic costs, unavailability of raw materials, and unfavorable weather conditions. It also adversely impacted the end-use industries which remained shut down during the pandemic.

Related Press Release@ Epoxy Adhesives Market Report

Epoxy Adhesives Market Report Highlights

By technology, the two component segment dominated the market and was estimated at USD 2.9 billion in 2020. The two component epoxies have excellent shear strength owing to different curing characteristics and provide an additional advantage of getting cured at room temperature, which aids to its consumption
By application, the automotive and transportation segment dominated the market with a revenue share of over 42.0% in 2020. Growth in the EV industry and increasing consumption of adhesives over mechanical fasteners in vehicles is anticipated to boost the market growth
The power and energy segment is anticipated to register the highest CAGR of 7.1%, in terms of revenue, during the forecast period. Adhesives are used to protect and bond sensitive mechanical and electrical components such as solar panels, charge controllers, and wind turbine blades in the energy industry
Asia Pacific dominated the market and held the largest revenue share of over 45.0% in 2020. Increasing investments in the energy and automotive industries of the region are anticipated to further propel market growth across the forecast period

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U.S. Self-checkout Systems Market Size is Predicted to Witness 11.3% CAGR till 2028

The U.S. Self-Checkout Systems Market size is anticipated to reach USD 2.97 billion by 2028, expanding at a CAGR of 11.3% from 2021 to 2028. The strong emphasis retailers are putting on providing self-checkout solutions as part of the efforts to improve purchase efficiency, enhance the consumer experience, and serve a larger customer base is expected to drive the growth of the market over the forecast period. The blend of cash and cashless features offered by the latest self-checkout solutions, which can potentially allow retailers to tailor their checkout experience to the changing consumer preferences, also bodes well for the growth of the market.

Self-checkout solutions, also known as self-service kiosks, are automated systems deployed in offline stores to help in-store buyers in shopping, ordering, and transacting without any intervention from the employees or staff of the stores. The popularity of self-checkout solutions is growing as the retail industry is evolving continuously and adapting to the changing shopping habits of consumers. The growing preference of consumers for cashless transactions is prompting store owners to install cashless checkout stores to allow customers to shop, order, and transact at their convenience without having to wait in a queue. For instance, in January 2020, Weis Markets, Inc., a grocery chain based in the U.S., deployed Toshiba Global Commerce Solutions’ latest self-checkout solution across the majority of its 198 locations.

The outbreak of the COVID-19 pandemic took its toll on the U.S. market for self-checkout systems in 2020 as the demand for self-checkout systems plummeted while the adoption of contactless solutions gained traction in the wake of the social distancing norms. Although several stores and outlets implemented self-checkout systems to ensure a safe and convenient interface for customers to order and buy food and groceries, the demand for self-checkout systems plummeted as a result of the temporary closure of retail stores, restaurants, hotels, and transportation facilities in line with the restrictions imposed by the government as part of the efforts to arrest the spread of coronavirus. Nevertheless, the market has been gaining traction since the beginning of 2021 and is expected to witness significant growth over the forecast period as the restrictions are relaxed and the situation normalizes gradually.

Related Press Release@ U.S. Self-checkout Systems Market Report

U.S. Self-checkout Systems Market Report Highlights

The systems segment dominated the market in 2020 owing to the growing preference among the operators of supermarkets, hypermarkets, and convenience stores to install cashless self-checkout systems to attract more customers and facilitate quick checkout
The cashless-based self-checkout systems segment is expected to expand at a CAGR of more than 11% over the forecast period in line with the growing preference among customers for digital payment options and card-based transactions
The supermarkets and hypermarkets segment dominated the U.S. market in 2020 as supermarkets and grocery stores continued to invest aggressively and installed self-checkout systems as part of their respective in-store transformation projects
Key vendors operating in the market are focused on strengthening their customer pool, using several product launches and new product developments

North America Packaged Salad Market: Industry Demand, Analysis and Future Trends 2028

The North America Packaged Salad Market size is expected to reach USD 10.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2021 to 2028. Rising health consciousness among consumers and a growing inclination toward convenience foods are expected to be the major factors contributing to the growth of the market.

The branded category segment led the market in 2020. Branded packaged salads are salads that are widely available nationally or internationally and are not limited to one retailer or region. Retail channels usually trade both branded and private label packaged salads to take advantage of exclusive products.

Vegetarian products are most popular among customers and the demand for vegetarian packaged salads is being pushed by the rising number of health-conscious consumers in North America. Individuals searching for organic produce/products continue to create a large demand for vegetarian packed salads in this regard.

The U.S. dominated the North American market in 2020. With the increasing awareness about leading a healthy lifestyle, the demand for packaged salads has been growing significantly among consumers. Furthermore, the high penetration of key market players in the U.S. has improved product accessibility across the country.

The market players face stiff competition from each other as some of them are among the top frozen bakery manufacturers and have a large customer base. The market is fragmented with the presence of a large number of global and regional players such as Earthbound Farm; Vegpro International Inc.; Dole Food Company, Inc.; and Fresh Express Incorporated.

Related Press Release@ North America Packaged Salad Market Report

North America Packaged Salad Market Report Highlights

Canada is projected to register the fastest growth rate of 9.2% from 2021 to 2028 due to increasing awareness regarding the health benefits of eating salads as a part of the daily diet
By type, packaged kits are expected to expand at the fastest CAGR of 8.0% from 2021 to 2028 due to the growing consumption of healthy meal alternative products that are healthy and contain less fat
The offline distribution channel held the largest share of over 80.0% in 2020as supermarkets offer significant advantages to consumers, such as the freedom of selection, lower prices, and the high visibility of international brands

Thursday 25 November 2021

U.S. Faucet Market: Industry Demand, Analysis and Future Trends 2028

The U.S. Faucet Market size is anticipated to reach USD 4.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. Rising demand for home furnishings and fittings is driving the market. According to the Leading Indicator for Remodeling Activity (LIRA), home improvement spending grew at 6.0% annually in 2019.

The growing construction of smart homes and smart bathrooms can be attributed to an increasing number of consumers showing a preference for a spa-like experience at home. Digital faucets that operate on sensors serve as a means of conserving water and energy through different features such as reduced tap flow, digital temperature control settings, touchless technology, infrared tap technology, and timed settings.

The U.S. EPA WaterSense label on sink faucets and accessories indicates that they use a maximum of 1.5 gallons of water per minute, which reduces a sink’s water flow by 30.0% compared to a standard flow of 2.2 gallons per minute. Thus, rising consciousness among consumers to save water is driving the demand for smart bathroom fittings and digital taps.

The COVID-19 pandemic has shaken every sector across the globe, and the hotel industry is among the hardest hit. The market in the commercial sector has been impacted on account of travel bans and lockdowns. The overall travel business has witnessed a considerable decline as a result of continued health concerns from the prolonged pandemic and a weakened economy, which hits many small companies. As the disease prevails and economic uncertainty remains, there is a significant reduction in business travel (in terms of both trips and expenditure) as compared to pre-COVID-19 times. Reduced travels have affected the travel and hospitality industry immensely, thereby affecting the market.

The commercial segment is estimated to be the largest and fastest-growing segment in the coming years. Many players are offering premium and luxury taps, specially designed for the commercial sector. Moen Incorporated offers a wide variety of taps for the commercial sector and some of the latest innovations include M-Power, M-Dura, M-Press, and M-Bition. Similarly, Delta Faucet Company offers innovative commercial faucets for the hospitality sector.

The kitchen segment is estimated to be the fastest-growing segment. The increasing adoption of high-tech faucets is supporting the growth of the segment. According to Houzz, 57.0% of the homeowners had updated kitchen taps as part of a completed, current, or planned 2018-19 kitchen renovation. Out of these, 30.0% opted for water-efficient faucets, 24.0% opted for no fingerprint coatings faucets, and 22.0% preferred touch-only taps. The growing adoption of pull-out and pull-down faucets in order to achieve maximum reach and increase flexibility drives the demand for kitchen taps among millennials.

Companies such as Franke Kitchen Systems provide faucets that are outfitted and can be switched between the needle and full water spray, and swivel 360 degrees. The Franke 3-in-1 faucet is created to provide cold, hot, and distilled water for ensuring the use of pure and suitable temperature water in the kitchen.

Multi-brand retailers are the largest shareholder in the distribution channel segment. Corporate firms, government organizations, and large builders prefer direct association with faucet manufacturers. For this purpose, annual contracts and tenders are released for a continuous supply of taps. As these B2B sales require proper interaction for a better understanding of minute details, offline sales for commercial applications have been dominating the market.

Related Press Release@ U.S. Faucet Market Report

U.S. Faucet Market Report Highlights

The commercial segment accounted for a revenue share of 67.1% in 2020 and is expected to witness a CAGR of 5.0% over the forecast period
The kitchen segment is expected to expand at the fastest CAGR of 5.6% from 2021 to 2028 and will be valued at USD 1,551.7 million by 2028
The multi-brand retailer segment was the largest segment in 2020 and was valued at USD 1,871.9 million, ascending with a CAGR of 4.6% over the forecast period
The west region of the U.S. was valued at USD 776.7 million in 2020, ascending with a CAGR of 5.5% over the forecast period, thereby expected to be valued at USD 1,193.5 million by 2028

Americas Range Hood Market Growth, Opportunities and Forecast To 2028 | Whirlpool Corporation, Broan-NuTone, LLC, GE Appliances, a Haier Company

The Americas Range Hood Market size is expected to reach USD 6.11 billion by 2028, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Changing lifestyles, exposure through traveling, and design innovations have set the pace for new modern standards of living. With higher spending capability as well as improved infrastructure facilities, the need for comfort in the kitchen has triggered a positive impact on the market.

The growing home values have doubled homeowner equity, indicating a trend of homeowners feeling richer and disposed towards spending money on home improvement. The online home remodeling platform Houzz reported a 58% uptick in the project leads for home professionals in June 2020, as compared to the same month the previous year. Similarly, kitchen and bath remodeling projects picked up by 40%, according to the agency. According to Home Improvement Research Institute (HIRI), home improvement spending by Americans was likely to reach USD 439.9 billion in 2020, incurring a rise of 8.7% in spending.

With an increasing number of families considering the kitchen as a central gathering place in the home, the focus on renovating and improvising the area has been growing. For instance, the 2019 U.S. Houzz Kitchen Trends Study found that spending on both median and large kitchen remodels increased by 10% from 2018. Furthermore, an increasing number of millennials are buying homes, particularly older homes that require more repairs. According to studies by HomeAdvisor, millennials are investing in a greater number of home improvement projects each year compared to other age groups.

The increasing infrastructural developments, as well as new building permits in the region, are expected to boost the market growth. According to the U.S. Census Bureau, privately-owned housing units authorized by building permits in November 2020 were at a seasonally adjusted annual rate of 1,639,000. This is 6.2% (±1.5 percent) above the revised October rate of 1,544,000 and is 8.5% (±1.8 percent) above the November 2019 rate of 1,510,000. Moreover, rapid construction in the commercial segment, particularly the hospitality sector, is also driving the demand for kitchen range hoods. The hotel industry is a key supporting factor to the region’s hospitality sector, driving the construction of more hotels. The booming tourism and real estate industries, accompanied by various infrastructural developments in the hospitality sector, will continue to spur the market for kitchen ventilation over the forecast period.

Under-cabinet product held over 42.7% of the Americas range hood revenue in 2020. These are the most common range hoods as the design of an under-cabinet venting system is simple and versatile to fit any kitchen style or design. The current trend of open shelves in a kitchen, as opposed to upper cabinets, is drawing more attention toward the installation of such range hoods. New trends and innovation in range hoods have created immense opportunities in the market concerning product installation and design. For instance, AKDY, a manufacturer of high-end kitchen and bath appliances, introduced the Under Cabinet Range Hood Collection containing detailed 3D drawings that can be used in kitchen remodeling projects.

The key companies of the industry include Whirlpool Corporation, Broan-NuTone, LLC, GE Appliances, a Haier company, Robert Bosch GmbH, Haube Range Hood Co., KOBE Range Hoods, Victory Range Hoods, Proline Range Hoods, Faber US and Canada, and Vent-A-Hood® Ltd.

Related Press Release@ Americas Range Hood Market Report

Americas Range Hood Market Report Highlights

Canada is expected to register the fastest CAGR of 4.5% from 2021 to 2028. Steady growth in the number of foodservice joints and residential construction projects are the main factors driving the demand for range hoods
Kitchen stops distribution channel dominated the market by contributing over 57.7% in the revenue in 2020
The residential end-user segment held the largest market share in 2020, contributed more than 85.7% of the total revenue owing to its higher penetration across households

Europe, Middle East & Africa Wax Melt Market Size is Predicted to Witness 11.9% CAGR till 2028

Europe, Middle East & Africa Wax Melt Market size is anticipated to reach USD 2.71 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.9% from 2021 to 2028. Wax melts are becoming more and more popular and now many consumers favor them over candles to make their homes smell beautiful. Wax melts do not have a wick, nor do they require a flame, like candles.

Wax melts are usually warmed in an electric wax melt warmer containing a small 15-watt light bulb that is included at the base of the warmer. The light bulb provides just enough heat to warm the wax melts, tarts, or cubes, releasing the scent in as little as 5-10 minutes. The National Fire Protection Association estimated that from 2009 to 2013, fires related to candles caused an estimated USD 374 million in direct property damage. Decorative candles are appealing, but the exposed flame poses the risk of something else catching fire by accident.

Several factors affect both the average burn time of candles and wax melts, such as type of wax, amount of fragrance oil and size of candle or wax melt. Wax melts are preferred over candles for their burn time. The average burn time of a 16-oz candle jar is expected to be anywhere between 60 and 84 hours, i.e. about 5 hours of burn time per ounce. On the other hand, 8-oz. wax melts have an average of 225 hours of burn time, which breaks down to 28 hours of burn time per ounce.

Perceived as safe due to the absence of an exposed flame and popular for their unique capability to create personalized fragrance combinations, wax melts have been enjoying double-digit growth since 2007. In 2013, the category was primarily driven by new entries from S.C. Johnson who recorded sales of nearly USD 20 million, Procter & Gamble who extended Febreze into wax melts, and several smaller marketers who joined the category.

By product, pressed wax melt will grow at the fastest CAGR over the forecast period. Compared to the pouring process, pressed wax melts can be produced in large quantities through extrusion molding, which drastically brings down the overall cost of manufacturing. Moreover, most consumers in the U.K. purchase these products from supermarkets, where the availability of pressed wax melt is greater than poured wax melt. There are several players manufacturing pressed and poured wax melt in Germany. The market is dominated by pressed wax melts due to their easy availability and low cost as compared to poured wax melts. Pressed wax melts are commonly found in the form of scented cube air fresheners, with the process being prominently used by companies such as P&G (Febreze) and SC Johnson (Glade wax).

Multipack segment is the largest and fastest-growing segment for distribution channels. There is a rise in demand for aromatherapy and spa treatments and wax melts help in creating a relaxing atmosphere. Tourism has also increased in EMEA countries. The hospitality sector such as hotels, spas, and restaurants purchase multi-packs of wax melt to cater to the needs of their consumers.

Related Press Release@ Europe, Middle East & Africa Wax Melt Market Report

Europe, Middle East & Africa Wax Melt Market Report Highlights

The poured wax melt segment accounted for the largest share of 57.2% in 2020 and is expected to expand at a CAGR of 11.4% over the forecast period of 2021 to 2028
The pressed wax melt segment is expected to register the highest CAGR of 12.5% over the forecast period
The multi-pack segment accounted for the largest share of 77.4% in 2020 and is estimated to ascend with a CAGR of 12.0% over the forecast period
The U.K. held the largest market share of 21.8% in 2020

Gas Detection Equipment Market: Industry Demand, Analysis and Future Trends 2028

The global Gas Detection Equipment Market size is expected to reach USD 8.38 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 9.7% from 2021 to 2028. The market growth can be attributed to the growing awareness among governments regarding the harmful effects of greenhouse gases, coupled with their increased efforts toward protecting the environment. Major industries such as petroleum, oil, and gas, among others are needed to comply with safety and environmental regulations which are also major factors driving the market growth.

Many companies are focused on introducing drone-based gas detection equipment, which is expected to create new opportunities for market growth in the coming years. For instance, in February 2019, FLIR Systems, Inc. announced the launch of FLIR MUVE C360, a multi-gas detector built for unmanned aerial systems. FLIR MUVE C360 aims to transform the way emergency teams approach environmental, chemical, and industrial incidents.

IR camera-based gas detectors are gaining traction owing to their capability of detecting combustible gases that are not visible to the human eyes. Uncooled IR cameras are widely in demand by various industries, which has resulted in increased efforts by companies worldwide to address this demand. For instance, in February 2019, FLIR Systems, Inc. announced the launch of FLIR GF77 Gas Find IR, an uncooled thermal camera for detecting methane.

The COVID-19 pandemic is anticipated to favorably impact market growth in the near future. Hospitals have been using gas detection equipment for monitoring oxygen tanks during the pandemic. During the COVID-19 situation, the U.K. government laid down guidelines highlighting the hazards caused by the increased oxygen level due to the high density of ventilators. This initiative is expected to contribute to market growth.

Related Press Release@ Gas Detection Equipment Market Report

Gas Detection Equipment Market Report Highlights

In terms of product, the fixed gas detector segment is expected to retain its dominance over the forecast period. The ability of fixed gas detectors to ensure workforce safety is driving the segment growth
In terms of technology, the infrared gas detection technology segment dominated the market in 2020 and is expected to witness growth over the forecast period. Infrared gas detectors are maintenance-free, which is one of the major factors driving the market growth
In terms of end-use, the industrial segment dominated the market in 2020. The increasing demand for detectors in the mining industry is driving the segment growth
The increasing adoption of gas detection equipment in emerging economies such as India and China is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period